Hong Kong Journalist Raises the Alarm on KuCoin

Jackson Wong, an independent Hong Kong-based journalist has raised the alarm on the safety and reliability of KuCoin as a crypto exchange. In a medium post, which he was strongly titled as “WARNING: KuCoin’s Hong Kong office is empty” he advised investors and users of the crypto exchange to be very cautious or risk losing their assets. He warned against the depositing of money into that exchange citing suspicions that KuCoin was planning to scam its users. His suspicion was based on the fact that their offices were empty, which is usually a red flag in business circles anywhere in the world.

In the medium post, Jackson Wong first recounts his long-held suspicions about the exchange. He revealed that he long held the belief that the exchange would become illiquid once the Chinese government did another crackdown. According to him, the exchange had only survived the previous crackdown by going on the down low and escaping the radar of the authorities. The fact that KuCoin always claimed to be based and developed in Hong Kong troubled Wong, who is a Hong Kong native himself and had never heard of them.

According to him, if the exchange was truly Hong Kong-based then the Securities and Futures Commission of Hong Kong (SFC) would have taken action to suspend its activities. He further shared his bewilderment at the fact that he had never seen any promotions or local news reports that mentioned the exchange despite them claiming to be Hong Kong giants. He also called into question the credibility of KuCoin’s staff, stating that none of them had Hong Kong names and also the fact that none of them resided in the city. His suspicions were compounded by the fact that Chinese nationals needed a working Visa or Hong Kong citizenship before working or residing in Hong Kong which none of the staff seemed to have.

On his visit to their registered address, Wong was shocked when he only found “Rich Moral CPA” and “Smart Team international consultants” as the 20th floor listed companies in the directory list and no KuCoin in sight. Wong was quick to recall that KuCoin had been listed previously under a company known as “Smart Team Secretarial LTD” which is closely related to the “Smart Team International consultants”. On calling them in pursuit of answers, a Rich Moral CPA officer responded and revealed that the “Smart Team Secretarial LTD” had vacated the building years back. The Rich Moral CPA also revealed that no “KuCoin exchange” had ever been heard of in the building before.

Wong closed the post with his theories that could possibly explain all this. He suspected that they were working from a base somewhere in Sinchuan China. He ruled out the possibility of them working from any other location in Hong Kong since they did not have Hong Kong credentials. He closed the report by warning investors about putting money into an exchange whose physical address was not known. He advised people to steer clear of them until they had achieved a certain level of transparency

Related Articles

Popular Indian exchange and crypto wallet provider Unocoin, has made a decision to suspend Rupee (INR) deposits and withdrawals. This decision was made in compliance with directives issued by India’s central bank. The exchange and crypto wallet provider immediately notified its customers that Rupee deposits and withdrawals had been temporarily halted until another way of […]

On Friday, Coincheck– a Japanese cryptocurrency exchange company made public its intention to withdraw its support for privacy coin brands Zcash, Dash, and Monero. Coincheck, which was sold off to Monex (a Japanese brokerage firm) in April, declared that it will no longer expedite trading activities for the aforementioned privacy coin brands with effect from […]

Starting February, Robinhood, a commission-less stock trading application will let its users trade Bitcoin and Ethereum without the dreaded transaction fees. Compared to major exchanges like Coinbase, Binance, and others that charge fees from 1.5% to as much as 4%, Robinhood will not charge any transaction fees whatsoever, which means traders will make more money […]

RECENT POSTS

The United States Securities and Exchange Commission has continued its in-depth assessment of Initial coin offerings (ICOs) with the body reaching a settlement on two crypto startups. Initial coin offerings (ICOs), may be important platforms for crypto projects to raise funds, but these platforms must also operate in accordance with the regulatory requirements spelled out […]

Oil industry giants BP and Shell are among a group of business entities plotting the launch of a Blockchain platform that will automate post-trade processes in the energy industry this year. This news was revealed by VAKT Global, a consortium that is building the platform, at a digital commodities summit hosted by S&P Global Platts […]

Even though it didn’t appear so in the first days of the month, the last week was marked in a bloodbath for all major cryptos as even Bitcoin and Ethereum touched their new lows for the year 2018. In the market craze of negative trends that marked the week between November 12th and November 18th, […]

Bosch, an electronic manufacturing giant has partnered with IOTA in a bid to integrate its new data collection internet of things (IoT) device with the decentralized IOTA Data Marketplace. This is according to a tweet made by a Bosch representative on November the 12th. The IOTA marketplace is a data marketplace where various interested parties […]

Bitcoin Cash previously announced a hard fork due to the crucial disagreements between the visions of two different teams taking care of Bitcoin Cash since it was originally forked out of Bitcoin (BTC) chain. The two teams, Bitcoin ABC and Bitcoin SV decided to split, which resulted in splitting the chain in two as well, […]

Categories

Categories

ABOUT

Crypto News Bytes

Cryptonewsbytes is a leading cryptocurrency online news magazine, dedicated to provide latest breaking news, trends and developments in the cryptocurrency space.